Unless you revise your plan and ensure that your personal use is under 10% of the rental use.

.: I just hired an architect to design and plans submit for ADU in my 8 multi unit to use the tuck under parking.Some people say do not try to be the general contractor as it will take way more time, costly mistakes and will be nearly impossible to manage with current work. best to hire a company that will do it all and cost about $250 per square foot.

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates this year).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

I've not yet invested in my first property, but I plan to purchase my first one by the end of 2023.

With some proper planning and the funds to lock in materials early, you can have an efficient build, but certainly not fast.

Yes we definitely encourage everyone to STICK TO THE PLAN when renovating!

We plan on starting renovations on the unit in X (I would say a date but in reality have a 2-3 month buffer), and based on this we are no longer going to be renting the unit out.

There were platinum and non-platinum plans. 

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.